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Unigold Announces Closing of First Tranche of Non-Brokered Private Placement of up to $4,250,000
Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE:...
About this update from Unigold Inc.
[{"type":"text","content":"Unigold Announces Closing of First Tranche of Non-Brokered Private Placement of up to $4,250,000Toronto, Ontario--(Newsfile Corp. - May 11, 2023) - Unigold Inc. (TSXV: UGD) (OTCQB: UGDIF) (FSE: UGB1) (\"Unigold\" or the \"Company\") is pleased to announce that it has closed a first tranche (\"First Tranche\") of a non-brokered private placement of up to 53,125,000 units of the Company (each, a \"Unit\") at a price of $0.08 per Unit for gross proceeds of up to $4,250,000 (the \"Offering\"). Each Unit consists of one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.30 until the date that is the earlier of: (i) one year following the date of issue, or (ii) 30 days after the date on which the Company gives notice of acceleration, which notice may be provided no earlier than four months and twenty-one days from the date of issue if the closing price of the Common Shares on a stock exchange in Canada is higher than $0.60 per Common Share for more than 20 consecutive trading days.The Company has issued 16,017,500 units for aggregate gross proceeds of $1,281,400. No finders were paid in connection with this closing of the Offering. The proceeds from the Offering will be used to fund the Company's continued exploration and development on its Neita Concession in the Dominican Republic, and for general working capital purposes. All securities issued under the Offering are subject to a four-month hold period until September 10, 2023. The Offering is subject to final acceptance of the TSX Venture Exchange.The following \"insiders\" of the Company subscribed for Units under the First Tranche of the Offering: InsiderInsider RelationshipUnitsPurchasedJose Francisco ArataDirector of Issuer1,250,000Normand Tremblay1Director of Issuer450,000Total:1,700,000 16545921 Canada Inc., a holding company of Mr. Normand Tremblay, subscribed to the Offering. Each subscription by an \"insider\" is considered to be a \"related party transaction\" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61- 101\") and Policy 5.9 - Protection of Minority Security Holders in Special Tra...